PJSC Aeroflot has closed the application book for the issue of exchange-traded bonds of the P02-BO-01 series, placed under the company's exchange-traded bonds program. This is stated in the company's message.
Aeroflot has placed variable coupon bonds for a period of three years with a total volume of 45 billion rubles. The coupon rate is defined as the key rate of the Bank of Russia plus a spread of 240 basis points, coupon payments will be carried out monthly.
The book was oversubscribed twice, which made it possible to reduce the spread to the key rate from 275 to 240 basis points during its formation. In total, more than 40 accounts participated in the placement, and applications were submitted from all groups of institutional investors (banks, management companies, and insurance companies). Retail investors took an active part in the placement, the company notes.
The main purpose of the issue is to finance an investment program, including one aimed at maintaining the airworthiness of the fleet. The bond issue will also effectively replace current bank loans that are repaid in the first half of 2025.
The technical placement is scheduled on the Moscow Stock Exchange on April 24, 2025. The bonds are included in the First Rating level.
Aeroflot is a Russian airline. The group of the same name also includes Rossiya and Pobeda Airlines.
As of December 31, 2024, 73.77% of the company's shares were owned by the Russian Federation, represented by the Ministry of Finance of the Russian Federation and the Federal Agency for State Property Management.
Aeroflot's RAS net profit for 2024 amounted to 21.959 billion rubles against a loss of 29.456 billion rubles a year earlier. Revenue increased by 43.3% to 712.928 billion rubles from 497.511 billion rubles, gross profit increased 6.2 times to 44.861 billion rubles from 7.274 billion rubles.
Aeroflot's profit under IFRS for 2024 amounted to 55.02 billion rubles. A year earlier, the company made a loss of 14.021 billion rubles. Adjusted profit amounted to 64.235 billion rubles against a loss of 1.025 billion rubles. Revenue increased by 40% to 856.785 billion rubles from 612.194 billion rubles, adjusted EBITDA increased by 18.4% to 237.593 billion rubles from 200.598 billion rubles.
